OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

COMPANY REGISTRATION NUMBER: 12367389 CHARITY REGISTRATION NUMBER: 1195712

Pakistan Environmental Trust

Company Limited by Guarantee Unaudited Financial Statements

31 December 2022

SIDIKIES

Chartered accountants 1 Sun Street Finsbury Square London EC2A 2EP

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2022

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 10
Statement of financial activities (including income and expenditure account) 12
Statement of financial position 13
Notes to the financial statements 14

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

Reference and administrative details

Registered charity name Pakistan Environmental Trust Charity registration number 1195712 Company registration number 12367389 Principal office and registered 483 Green Lanes office London N13 4BS UK The trustees ZVM Rangoonwala Foundation Benjamin James Goldsmith Saif Hameed Farrukh Hussain Khan Independent examiner Amir Siddiqi, FCA 1 Sun Street Finsbury Square London EC2A 2EP

The trustees

Structure, governance and management

Structure

The charity is a company limited by guarantee and not having share capital. The charity was incorporated on 17 December 2019 and governed by Memorandum and Articles of Association.

- 1 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Objectives and activities

The objectives of the charity are to mobilise global capital and expertise to transition towards a climateresilient, low-carbon, and biodiverse Pakistan.

About:

Vision, Mission & values

The Pakistan Environment Trust (PET) is a non-profit organisation mobilising global capital and expertise towards tackling Pakistan’s toughest environmental challenges.

We partner with leaders from business, finance, government, and non-profits to deliver initiatives that are enabling the transition towards a climate-resilient, low-carbon, and biodiverse Pakistan.

Our Mission

To mobilise global capital and expertise towards solving Pakistan’s toughest environmental challenges.

Our Vision

To achieve meaningful, measurable, and sustainable improvements in Pakistan’s climate and environmental resilience

Our Values

Responsible stewardship

We are stewards of the funds entrusted to us by our donors and hold ourselves to the highest standards of fiscal responsibility. We commit to:

- 2 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Bold collaboration

We are a credible and reliable partner for those seeking to tackle Pakistan’s environmental challenges collectively and meaningfully. We commit to:

Care for communities

We are respectful of local communities and seek to improve livelihoods across all our projects. We commit to:

People first

We seek to create an exceptional environment that enables our people to thrive and grow. We commit to:

Our Work

The Pakistan Environment Trust (PET) through its partner PET Environmental Services is focused on implementing long-term solutions for climate crises. Our pioneering programmes are enabling the transition towards a climate-resilient, low-carbon, and biodiverse Pakistan.

Net Zero Coalition

Decarbonising hard-to-abate sectors and making them resilient to the effects of climate change.

Carbon Pathways

Increasing community-level resilience to climate change and creating alternative revenue streams that promote forestry, renewable energy etc.

Re-Wild Pakistan

Regenerating degraded eco-systems and creating co-benefits that enable sustainable stewardships of these landscapes.

- 3 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Our Impact

We started with a simple idea, backed by a group of pioneering individuals and have become the preeminent catalyst for climate action in Pakistan.

- 4 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Detail of Programs

Net Zero Pakistan

Net Zero Pakistan is a national collaboration between pioneering companies, public institutions, and sectoral experts to deliver the goal of net zero carbon for Pakistan by 2050. The coalition will establish the roadmap and framework through which Pakistan’s private sector can accelerate its sustainability transition and deliver this net zero goal.

NZP is PET's national coalition for transitioning the private sector to a green future. NZP currently has 26+ leading textile companies as members, contributing 20-30% to Pakistan’s exports. PET has trained 100+ sustainability leads on GHG accounting in partnership with experts from CDP, South Pole, GHGMI, and more. PET has formed partnerships on decarbonization investments with global brands and coalitions (H&M, Bestseller, Inditex, Apparel Impact Institute). Net Zero Pakistan was recognised by Forbes as one of the world’s leading initiatives to decarbonise global fashion supply chains.

- 5 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Carbon Pathways

Carbon Pathways aims to enable global capital to finance a portfolio of carbon offsetting projects across Pakistan. All projects seek to reduce greenhouse gas emissions and can range from restoring degraded forests to improving access to renewable energy.

Forestry And Nature-Based Solutions

The Carbon Pathways has built its initial portfolio around Nature-based Solutions (NBS), with a specific focus on forestry and sustainable land use. These projects seek to restore natural ecosystems, alongside delivering deliver associated benefits to human well-being and biodiversity (IUCN). NBS is a fundamental tool in reducing emissions and restoring biodiversity. Research from the UN Global Compact indicates that “NBS can provide over one-third of the cost-effective climate mitigation needed between now and 2030 to stabilize warming to below 2 °C”. We plan to catalyse the carbon market by developing a $10Mn carbon fund in Pakistan to implement pilot afforestation projects and mobilize carbon payments towards communities. This year, 3 community-based forestry projects were launched across climate vulnerable areas to develop improved climate adaptation capabilities & developed 3 afforestation projects in the rural areas of KP and Punjab, spread over an initial 15,000 acres.

Revive – Dera Project

This year PET intends to support the creation of a pilot for community-centric, ecosystem restoration and carbon sequestration projects to generate income streams for communities and ensure inflow of carbon finance into Pakistan. The proposed site is in the District of Dera Ismail Khan (D.I. Khan) in the Khyber Pakhtunkhwa province of Pakistan, one of the most impoverished and underdeveloped regions in Pakistan. The initial project sites span over a region of more than 4,000 acres, with an initial estimated sequestration potential of more than 65,000 tCO2 per annum. The site utilizes land that is considered arid but highly fertile, and viable for plantation of high-carbon sequestration potential as well as highvalue tree species such as Eucalyptus, date palms, and olives. To get this off the ground, we engaged extensively with more than 600 landowners across D.I. Khan using our on-ground representative and 10 community-embedded focal points. In this initial outreach, we have obtained commitments from more than 70 landowners in the area. Our on-ground team estimates that the project can be scaled to more than 12,000 acres, utilizing additional land-holdings from the current project area. Post-feasibility there is potential to scale to other landowners within D.I.Khan and to neighbouring districts of Tank and Lakki Marwat, increasing the afforestation potential to more than 57,000 acres. Preliminary cost estimates

- 6 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

indicate a total capital expenditure of USD 2.5 million for the development of the site. Average annual costs post-plantation amount to USD 469,000 with revenues expected generate USD 978,000 per annum, predicated on an offset price of USD 15. Additional revenue streams such as income from the sales of olives, dates, and sustainable logging will be disbursed back to the landowners and communities. PET is engaging with project developers and financiers for co-development and co investment in the project. At this juncture PET would like to agree initial terms and proceed with the detailed feasibility study on the site. Upon the successful conclusion of the feasibility and finalization of the project design, we will move to disbursing financing for project implementation

Renewable Energy Certificates

Renewable Energy Certificates (RECs) are tradeable digital certificates that represent transferable proof of the generation of one megawatt-hour (MWh) of energy produced by renewable sources. PET as the designated national issuer of RECs by the I-REC Standard, we aim to issue 100,000 renewable energy certificates in Pakistan to create the marketplace and transition towards renewable energy.

Re-Wild Pakistan:

The Pakistan Environment Trust is spearheading the effort to reintroduce and re-wild the Greater onehorned Rhino (GOHR) in Pakistan. Through extensive research, we aim to explore the species' habitat requirements and assess the suitability of Laal Sohanra National Park as a potential site for GOHR reintroduction and breeding. In pursuit of this goal, we are actively seeking partnerships to secure funding for the research. The research will form the cornerstone of a carefully monitored breeding program, marking the return of the specie after 400 years.

OUR FIVE-YEAR STRATEGY

Our agenda for the years ahead is equally ambitious, matching the scale of the challenge that is facing us.

- 7 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

PET's ambition for the next 3-5 years is to develop a $200M market for high-quality voluntary carbon offsets, protect 250k ha of Pakistan’s forests and sequester >10 million tCO2e through at-scale

decarbonization projects (e.g., in energy transition and circularity) in the private sector. We also aim at conserving at least 20% of the species on IUCN’s Red List for Pakistan and revitalizing a 7000-acre marsh to reestablish one-horned rhino along the Indus River in Pakistan. In doing so, we hope to revive habitats on five pilot sites to regenerate native endangered species in Pakistan through its Rewild Pakistan program. Through NZP we hope to ensure every publicly listed company in Pakistan has a science-based target and a roadmap that follows a 1.5C net-zero scenario and aim to expand membership with manufacturing companies to boost net-zero commitments within Pakistan's textile supply chain and new industries. To achieve these goals: We plan to focus on finding the optimal balance between adaptation and mitigation; We plan to catalyze the carbon market further by developing a $10Mn carbon fund and initiating the implementation of 4 forestry projects across climate vulnerable areas in Pakistan while also onboarding more manufacturing companies as members of the Net Zero Pakistan coalition.

Our Partners

Public Benefit Statement

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The trustees review the aims, objectives, and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Financial review

Financial Review

The charity had net (expenditure)/incoming resources for the year of (£27,759) (2021: £243,771) resulting in total funds carried forward of £216,012 (2021: £243,771).

Reserves policy

The Trustees have reviewed the reserves of the charity. Reserves are maintained at a level considered necessary to meet the day to day funding of activities. Free reserves (that is those funds not tied up in restricted funds) at the year end were £216,012.

- 8 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

9/25/2023

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Benjamin James Goldsmith

Trustee

- 9 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Pakistan Environmental Trust

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of Pakistan Environmental Trust ('the charity') for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

- 10 -

LJVbUQIyII IU. V4lV i¥Lrawy-nLL4CJi yt>rrfJuOv Pakistan Environmental Trust Company Limitsd by Guarantse Independent Examinerf8 Roport to the Trustees of Pakistsn Environmantal Trust Icontlnu Year endod 31 Decamb•r 2022 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Amir Siddiqi. FCA Independent Examiner 1 Sun Stre8t Finsbury Square London EC2A 2EP 2cl1lI3. 11

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2022

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2022|2021| |Unrestricted|Restricted| |funds|funds|Total funds|Total funds| |Note|£|£|£|£| |Income and endowments| |Donations and legacies|5|257,695|48,439|306,134|433,298| |-------------------------- -------------------------- -------------------------- --------------------------| |Total income|257,695|48,439|306,134|433,298| |================= ================= ================= =================| |Expenditure| |Expenditure on charitable activities|6,7|285,454|48,439|333,893|189,527| |-------------------------- -------------------------- -------------------------- --------------------------| |Total expenditure|285,454|48,439|333,893|189,527| |================= ================= ================= =================| |-------------------------- -------------------------- -------------------------- --------------------------| |Net (expenditure)/income and net| |movement in funds|(27,759)|–|(27,759)|243,771| |================= ================= ================= =================| |Reconciliation of funds| |Total funds brought forward|243,771|–|243,771|–| |-------------------------- -------------------------- -------------------------- --------------------------| |Total funds carried forward|216,012|–|216,012|243,771| |================= ================= ================= =================|

----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 21 form part of these financial statements.

- 12 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Statement of Financial Position

31 December 2022

----- Start of picture text -----
||||| |---|---|---|---| |2022|2021| |Note|£|£|£| |Fixed assets| |Tangible fixed assets|12|1,186|–| |Current assets| |Debtors|13|185,377|243,771| |Cash at bank and in hand|31,949|–| |--------------------------|--------------------------| |217,326|243,771| |Creditors: amounts falling due within one year|14|2,500|–| |--------------------------|--------------------------| |Net current assets|214,826|243,771| |-------------------------- --------------------------| |Total assets less current liabilities|216,012|243,771| |================= =================| |Funds of the charity| |Unrestricted funds|216,012|243,771| |-------------------------- --------------------------| |Total charity funds|15|216,012|243,771| |================= =================|

----- End of picture text -----

For the year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 9/25/2023 ........................, and are signed on behalf of the board by:

Benjamin James Goldsmith

Trustee

The notes on pages 14 to 21 form part of these financial statements.

- 13 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 483 Green Lanes, London, N13 4BS, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Going concern

There are no material uncertainties about the charity's ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

- 14 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

- 15 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Tangible assets (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

4. Limited by guarantee

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

- 16 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

5. Donations and legacies

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2022| |£|£|£| |Donations| |Donations|17,036|–|17,036| |Foundations & Trusts|240,659|–|240,659| |Grants| |Grants receivable|–|48,439|48,439| |-------------------------- -------------------------- --------------------------| |257,695|48,439|306,134| |================= ================= =================| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2021| |£|£|£| |Donations| |Donations|115,921|–|115,921| |Foundations & Trusts|223,736|–|223,736| |Grants| |Grants receivable|7,274|86,367|93,641| |-------------------------- -------------------------- --------------------------| |346,931|86,367|433,298| |================= ================= =================|

----- End of picture text -----

During the year grants totalling £271,700 (2021: £433,298) were received from The Conservation Collective.

- 17 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

6. Expenditure on charitable activities by fund type

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2022| |£|£|£| |Raising funds|31,252|–|31,252| |Promoting and enhancing charitable work|149,284|48,439|197,723| |Grant making|90,000|–|90,000| |Governance costs|2,500|–|2,500| |Support costs|12,418|–|12,418| |-------------------------- -------------------------- --------------------------| |285,454|48,439|333,893| |================= ================= =================| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2021| |£|£|£| |Raising funds|21,180|–|21,180| |Promoting and enhancing charitable work|53,912|86,367|140,279| |Grant making|–|–|–| |Governance costs|–|–|–| |Support costs|28,068|–|28,068| |-------------------------- -------------------------- --------------------------| |103,160|86,367|189,527| |================= ================= =================|

----- End of picture text -----

7. Expenditure on charitable activities by activity type

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Activities| |undertaken|Governance|Support|Total funds|Total fund| |directly|costs|costs|2022|2021| |£|£|£|£|£| |Raising funds|31,252|–|–|31,252|21,180| |Promoting and enhancing charitable work|197,723|–|–|197,723|140,279| |Grant making|90,000|–|–|90,000|–| |Governance costs|–|2,500|–|2,500|–| |Support costs|–|–|12,418|12,418|28,068| |----------------------- -------------------------- ---------------- -------------------------- -------------------| |318,975|2,500|12,418|333,893|189,527| |=============== ================= ========== ================= =============|

----- End of picture text -----

Grants made were in accordance with the memorandum of understanding signed between the charity and PET Environmental Services (a non-profit organisation registered in Pakistan) on 1[st] July 2022.

- 18 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

8. Analysis of support costs

----- Start of picture text -----
|||| |---|---|---| |Total 2022|Total 2021| |£|£| |General office|8,313|4,680| |Finance costs|4,069|4,181| |Legal fees|36|19,206| |-------------------------- --------------------------| |12,418|28,067| |================= =================|

----- End of picture text -----

9. Independent examination fees

----- Start of picture text -----
||| |---|---| |2022|2021| |£|£| |Fees payable to the independent examiner for:| |Independent examination of the financial statements|2,500|

----- End of picture text -----

10. Staff costs

The average head count of employees during the year was Nil (2021: Nil).

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity were received by the trustees.

- 19 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

12. Tangible fixed assets

----- Start of picture text -----
|||| |---|---|---| |Equipment|Total| |£|£| |Cost| |At 1 Jan 2022|–|–| |Additions|1,186|1,186| |-----------------------|-----------------------| |At 31 Dec 2022|1,186|1,186| |================= =================| |Depreciation| |At 1 Jan 2022 and 31 Dec 2022|–|–| |================= =================| |Carrying amount| |At 31 Dec 2022|1,186|1,186| |================= =================| |At 31 Dec 2021|–|–| |================= =================| |Debtors| |2022|2021| |£|£| |Other debtors|185,377|243,771| |================= =================|

----- End of picture text -----

13. Debtors

The Conservation Collection, a charity incorporated in England and Wales, held funds in its bank account that were under the legal control of the charity. As at the year end £185,377 (2021: 243,771) was due from The Conservation Collective.

14. Creditors: amounts falling due within one year

----- Start of picture text -----
||| |---|---| |2022|2021| |£|£| |Accruals|2,500|

----- End of picture text -----

15. Analysis of charitable funds

Unrestricted funds

----- Start of picture text -----
|||||| |---|---|---|---|---| |At|At| |1 Jan 2022|Income Expenditure|31 Dec 2022| |£|£|£|£| |General funds|243,771|257,695|(285,454)|216,012| |================= ================= ================= =================| |At|At| |1 Jan 2021|Income Expenditure|31 Dec 2021| |£|£|£|£| |General funds|–|346,931|(103,160)|243,771| |============== ================= ================= =================|

----- End of picture text -----

- 20 -

DocuSign Envelope ID: 05018343-37D9-419C-BCA6-A26B7CBA6D80

Pakistan Environmental Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

Restricted funds

Restricted funds
At At
1 Jan 2022
Income		 Expenditure 31 Dec 2022
£ £ £ £
Net Zero –
48,439
(48,439)
–
============== ================= ================= ==============
At At
1 Jan 2021
Income		 Expenditure 31 Dec 2021
£ £ £ £
Net Zero –
86,367
(86,367)
–
============== ================= ================= ==============

- 21 -